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ENDSARS

#EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

FG has set up a N25 billion Youth Fund to address the concerns arising from the #EndSARS protests and other matters.

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FG inaugurates steering committee on Covid-19 economic recovery, #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years, taxes, tax, IMF, business, FAAC disbursed N617billions in April, as South-South scoop N72billions, VAT, Finance Minister, Zainab Ahmed says Nigeria VAT collection rate is low, NBC, Rite Foods, others to pay new tax as FG identifies new revenue streams ,,Finance Minister reveals how World Bank, AfDB pushed FG into requesting Chinese loan 

The Federal Government has created a N25 billion Youth Fund to address the #EndSARS protests and other related youth restiveness in Nigeria.

This was disclosed by the Minister of Finance, Zainab Ahmed, on Saturday, at a stakeholder meeting with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna, according to Punch.

READ: N1.5trillion accumulated losses of NNPC, a serious going-concern risk – PWC, SIAO Partners

The meeting is in compliance with President Muhammadu Buhari’s directive to ministers and governors to dialogue with stakeholders following the #EndSARS protests.

The minister explained that the fund would be increased to N75 billion within a period of three years.

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READ: #EndSARS: IMF Links protests to economic difficulties

Objective of the fund

According to her, the aim was to support youths to actualise their innovative and entrepreneurial ideas in growing their businesses and becoming self-reliant.

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READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

What you need to know: On October 15, 2020, Nairametrics reported that the Federal Ministry of Youth and Sports Development, flagged off the application for a N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

READ: How to access new N75 billion Nigerian Youth Investment Fund

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

8 Comments

8 Comments

  1. jim smar

    October 25, 2020 at 8:29 am

    you people should forget about the worthless 25billion all what we need now is a constant flow of eletricity and not peanut money. why did you marauders to set aside this money prior to the the protest? why now?

  2. Phil

    October 25, 2020 at 11:21 am

    These out of touch, sorry excuses for “leaders” are still clueless as to what the country needs. What is an additional N25bn fund when it will be mismanaged by a bunch of thieves in government??? Why not concentrate of creating actual JOBS instead of funds for self-employment? Not everybody can start and run a successful business… to contrary, businesses fails all the time regardless of the funds you provide, even assuming the funds successfully reach the people that actually need it. Create jobs by attracting majot companies to Nigeria, by creating a friendly environment for them to operate. Give them incentives, tax breaks, residency, cut the red tape and bureaucracy, entice them and give them offers they cannot refuse, and then in exchange you can mandate that they employ Nigerians while they are here. Improve education and create jobs, not funds that will never even reach the masses that truly need it.

  3. Olaoluwa kareem

    October 25, 2020 at 2:56 pm

    Disbursement of the said fund is not different from the previous ones which will still end up in private pockets of few individuals, just make the environment conducive for business to thrive by reducing cost of governance, eliminate multiple taxation and curbs corruption to the nearest minimum and also provide constant power supply.

  4. Biggsejj

    October 25, 2020 at 11:53 pm

    “My people perish for lack of vision.” This lack of vision and direction by leaders has led this nation into total darkness, redundancy and stagnation, yet their solution to every challenge is still myopic and idiotic.
    Another avenue to steal. The covid 19 palliative is being rooted out of hidden warehouses instead of being distributed to the common man dying of hunger and poverty. May the wrath of God visit them and their stealing strategy.

    • Anonymous

      October 26, 2020 at 12:42 pm

      Amen

  5. Lucky

    October 26, 2020 at 7:53 pm

    So the federal government has this money before.My question is why is it after the protest they are giving it out?

  6. Adisa ojo

    October 27, 2020 at 1:55 pm

    The point is people are sovereign too much,if federal government can make sure the money reach masses that would be a better one but our leaders only love themselves. Even me,I apply for several times all was zero, and how much am I asking for 10m to grow my barbing business. I will try this too I hope it happen. ALLAH help US

  7. Mujitabba Ahmed maibargo

    October 28, 2020 at 5:10 pm

    How should I register?

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ENDSARS

#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each

Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.

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The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.

According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.

What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’

Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.

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The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.

What you should know

  • Lagos State Government had earlier set up a N200 million fund for victims of police brutality
  • As a follow-up, Nairametrics had earlier reported that Lagos State Government offered scholarships to children of slain police officers.

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ENDSARS

#EndSARS: Protest hijack was catalysed by fake news – Lai Mohammed

The hijack of #EndSARS protests was catalysed by fake news and disinformation, Minister of Information, Lai Mohammed has said.

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Minister of Information, Lai Mohammed, has claimed that the hijack of the #EndSARS protests was catalysed by fake news and disinformation, which spread like wildfire on social media.
The Minister disclosed this during a stakeholders meeting with members of the broadcasting organizations of Nigeria (BON) on Friday in Abuja.

He said, “The violence that resulted from the hijack of the #EndSARS protest was catalysed by fake news and disinformation, which spread like wildfire on social media. And this did not come to us as a surprise. As far back as 2017, we had been raising the alarm on the risks posed by fake news and disinformation.
“That year, we devoted the National Council on Information to the issue of fake news, hate speech, and disinformation. The following year, in 2018, we launched the national campaign against fake news and disinformation, partnering with a number of print and electronic media organizations.
 
“Ladies and gentlemen, social media was used to guide arsonists and looters to certain properties, both public and private, during the #EndSARS violence. Then, pictures of persons, including some celebrities and even non-Nigerians, who were supposedly killed at the Lekki Toll Gate by soldiers, were circulated widely, only for those persons to refute such claims.
 
“This brings me to the issue of social media regulation. You must have heard about the hoopla this issue has generated in the media. Well, I want to confirm that we will definitely act to ensure a responsible use of social media. You may call that regulation.
He added that the FG had no plans to stifle press freedom in Nigeria and had no intention of shutting down the internet.
 
“This government has no plan to stifle free speech, neither do we have any intention of shutting down the internet. Social media has come to stay, and those who use it responsibly have nothing to fear.
“But we cannot give the same assurance for those who weaponize social media. By the way, the issue of regulating social media content is generating debate around the world, so Nigeria is not an exception,” he said.
What you should know 
Nairametrics reported earlier this month that Lai Mohammed said the Federal Government had no plans of shutting down social media, but must regulate it to prevent the spread of hate speech.

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ENDSARS

#EndSARS Sanctions: Nigeria has reached out to the UK Government – Foreign Minister

Onyeama has stated that the FG has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.

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The Minister of Foreign Affairs, Mr Geoffrey Onyeama, said that the Nigerian Government has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.

The Minister disclosed this to Newsmen at the Federal Executive Council (FEC) meeting on Thursday, which was recorded by Channels TV.

READ: Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

He added that the UK Parliament did not speak for the UK government, and that the UK had heard the Nigerian government’s side regarding the incident at Lekki.

READ: FG reacts to CNN report, describes Lekki shooting as massacre without bodies

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“On the issue of the UK parliament, yes, we have reached out to the UK government on this question. The meeting that took place was of Parliamentarians, they don’t speak for the UK government and the UK government which acts for the United Kingdom has also heard the side of the (Nigerian) government regarding everything that happened.

READ: #EndSARS: Bankers’ Committee, Private sector lead Lagos rebuilding team to raise trust fund

“So we are in touch with them and engaging with them. But, of course, as in any democracy, the Members of Parliament are able to also air their views, but what is important is that a balanced picture is made available to them all before they take any decision,” Onyeama said.

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What you should know 

Nairametrics reported earlier this week that the British Parliament had announced it would consider a petition by some groups and individuals, asking it to apply sanctions against the Nigerian government and officials for alleged human rights violations during the #EndSARS protest and Lekki shooting incident.

Also, the presidency earlier disclosed that the Vice President, Yemi Osinbajo, had a meeting with the UK Special Envoy for Humanitarian Affairs, Nick Dyer, accompanied by the UK High Commissioner to Nigeria.

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